Hot Hot Richmond Fed President Resigns Afterward Admitting Leaking Fed Policy Deliberations

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Title : Hot Hot Richmond Fed President Resigns Afterward Admitting Leaking Fed Policy Deliberations
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Hot Hot Richmond Fed President Resigns Afterward Admitting Leaking Fed Policy Deliberations



 Richmond Fed President Jeffrey Lacker has simply admitted he leaked confidential Fed monetary policy data to Medley Global Advisers, a publisher of macroeconomic analysis for institutions such every bit hedge funds in addition to property managers. It is owned yesteryear The Financial Times.

.He has resigned effective immediately. He had planned on retiring inward October.

There is no immediate indication if Lacker volition confront criminal prosecution. The FBI has been probing the Fed's 2012 leak to Medley since 2015.

The leak was plainly made to Medley Global's Regina Schleiger, a closed friend of Fed chair Janet Yellen. Early suspicion turned to Yellen every bit existence behind the marketplace moving leak because of her human relationship with Schleiger.

Specifically, the leak involved data nigh deliberations surrounding the reasoning behind the Fed's actions inward its bond-buying programs.

-RW 

UPDATE 1

Here is Lacker's amount statement:


UPDATE 2

Richmond Fed Statement on Jeffrey Lacker's Announcement

The Federal Reserve places a high priority on safeguarding information. We facial expression every employee to comply alongside all relevant policies in addition to procedures, every bit good every bit our standards of conduct. Employees must review in addition to acknowledge our policies annually. Once our Bank’s Board of Directors learned of the result of the regime investigations, they took appropriate actions.

We are focused on moving frontward inside our organization—and were already underway alongside our presidential search, next Jeffrey Lacker’s annunciation inward Jan to retire inward 2017. This search physical care for volition croak along every bit scheduled. In the interim, First Vice President Mark Mullinix is serving every bit the Bank’s acting president.

UPDATE 3

Influenza A virus subtype H5N1 amount reading of Lacker's tilt does non look to allow Yellen of the hook. Lacker indicates that the analyst (likely  Schleiger) already had the data in addition to that he lied to the FBI nigh that. So the enquiry remains, who gave the data to  Schleiger inward the commencement place. Janet whatever thoughts?


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